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‘Small PPC’ to be sold within a year

By Chryssa Liaggou

At the Athens Energy on Friday, Deputy Environment and Energy Minister Makis Papageorgiou announced that the bill for the splitting of Public Power Corporation (PPC) and the privatization of part of its production capacity will be tabled in Parliament next week.

The creation of the so-called “Small PPC” has generated interest among investors, said the minister, who estimated that the sale will be completed within a year after it gains clearance from European authorities.

The first feedback from the market has been positive, although reservations have been expressed as to how a part of the existing PPC clientele will be transferred to the Small PPC, as well as how banks will react to the transfer of a share of their loans to PPC to the new, privatized company. Notably, high-ranking PPC officials have found serious legal problems in the draft law.